Shimmick (SHIM) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year with strategic focus on revenue growth, operational improvements, and winding down legacy non-core projects, resulting in improved project execution and talent retention.

• Achieved second consecutive quarter of positive adjusted EBITDA in Q4 2025, with strong revenue and gross margin growth year-over-year.

• FY2025 revenue increased 3% to $493 million, with Shimmick Projects contributing $397 million, up 12% year-over-year.

• Backlog and pipeline remain robust, with $793 million at year-end and $330 million in new awards in H2 2025.

• Strategic focus on water, climate resilience, energy, and transportation infrastructure, with notable project wins and industry recognition.

Financial highlights

• Full year 2025 consolidated revenue was $493 million, up 3% year-over-year; Q4 2025 revenue was $100 million.

• Gross margin improved to 7% for 2025 ($34 million), with Q4 2025 gross margin at $10 million (10% of revenue), up from -$21 million in Q4 2024.

• Adjusted EBITDA for 2025 was $5 million, up from -$61 million in 2024; Q4 2025 adjusted EBITDA was $3.7 million.

• Adjusted net loss narrowed to -$15 million for 2025, with Q4 2025 adjusted net loss at $2.4 million.

• Liquidity at year-end was $44 million, including $20 million in cash and $24 million in credit availability.

Outlook and guidance

• FY2026 consolidated revenue expected between $550 million and $600 million, representing 12%-22% growth; adjusted EBITDA projected between $15 million and $30 million.

• Anticipates sequential quarter-over-quarter improvement as new project awards ramp up, especially in electrical infrastructure.

• Non-core projects expected to be nearly fully wound down by end of 2026, with minimal impact in 2027.

• Gross margins expected to rise, driven by favorable project mix and efficient SG&A.

• Operational enhancements and backlog investments expected to drive margin improvement and predictable results.